All Forum Posts by: Samantha Reeves

Hi Noe,

The VA has minimum property requirements. They are outlined in Chapter 12 of the VA lenders handbook: http://www.benefits.va.gov/warms/pam26_7.asp

The appraiser will be looking at the home to determine if it meets the MPRs basically ensuring the home is safe, structurally sound and sanitary. The home needs to be move-in ready. If the home has some issues, the appraiser will call them out and list which ones would require repair. From there the seller or buyer can pay for the cost of repairs. The appraiser then comes back out to see the work's been done. 

Hope that helps!

Hi Chelsea,

If you are considering going the VA route, keep in mind that there are some restrictions on who can be on the loan with the service member if you want to get the zero down payment benefit. Typically it's limited to a spouse or another service member who will be residing in the home.

Samantha 

Hi Roberto,

It is possible to purchase up to a 4-plex with your VA loan. Like Kerry mentioned, the VA has some unique requirements. You'll have to intend to occupy one of the units as your primary residence at the time you purchase, and the home will have to meet the VAs minimum property requirements. They are outlined in Chapter 12 of the VA lender's handbook if you want some light reading :)

To make the process as smooth as possible you'll want to find a lender who has a lot of experience with VA loans and multi-unit properties.

Hi Jonathan,

Welcome to BP! I do a lot of VA loan education for real estate agents, so if you ever have any questions on VA minimum property requirements or anything like that, I'd be happy to help!

Hi Kelsea,

It is possible to purchase up to a 4-plex with a VA loan if you will be making one of the units your primary residence. A few things to consider:

- VA loans require the home meet a set of minimum property requirements ensuring the home is safe, sanitary and structurally sound. You'll want to get a good look at the condition of the property prior to making a VA offer.

- Are you able to qualify for the loan without considering any income from rentals? I ask because if you are looking at short term leases (less than 12 months) you may run into a financing issue if you need to offset the monthly payment with rents. 

I'd talk with a lender who has extensive experience in VA loans, and a history of dealing with multi-unit property purchases.

Respectfully,

Samantha

Hi Chris,

That's a great question. I know Chapter 4 of the lenders handbook specifically mentions the necessity to verify "documentation of the applicant's prior experience managing rental units or other background involving both property maintenance and rental." 

Are you looking to offset the mortgage expense, or qualify the additional funds as income? And are you thinking of a property they currently own, or the one they plan on purchasing?

Look forward to discussing with you more!

Samantha 

Hi Jonathan,

It is possible to have 2 VA loans out at once, but there are some requirements you'd need to meet. The new home would need to be your primary residence and you'd need to calculate your remaining first tier entitlement to determine if you would want to use the remainder of your first tier or if you'd want to move on and use your second tier entitlement. Second tier entitlement comes with a few restrictions, one being the home would need to be $144,001 or higher.

I'd suggest talking with a lender who has a lot of VA loan experience and have them run your entitlement calculations and determine if your new job situation would allow you to meet the requirements.

Thank you for your service.

Samantha 

Hello everyone!

I'm excited to join this community. I have a background in VA loan education. I currently have my real estate license and have past experience as a loan officer, focusing on VA loans. I'd love to be your go-to person when you have any questions on the VA loan such as minimum property requirements, eligibility and the VA's unique lending requirements.

I'm really passionate about serving our nation's Veterans and service members and helping them make the American Dream a reality. My father served 20 years in the Army Reserves with deployments during Dessert Storm. My brother now serves in the same unit, and I am so proud and thankful for their contributions to our country. 

I look forward to connecting with any agents who are passionate about serving those who've served!